‘City Realty Scene is Bullish’

Prominent realtor Farook Mahmood, Chairman and Managing Director of Silverline Group describes the Bengaluru realty scene bullish. Mahmood who was the World President of the FIABCI during 2017-18 and the founder of its India chapter has been in the realty business for over 43 years. He recently spoke to News Trail on the realty scene.

Q: How would you describe the realty scene in Bengaluru?

A: The realty is gaining momentum in the city. Mood is upbeat and people are looking forward to normalcy getting restored. Bengaluru has always had an edge and it is regaining its sheen after the end of pandemic-hit 18-month period. Second home sales have great traction. A prominent developer from the city sold 120 villas in a 200-villa project around a golf course on the road to Nandi Hills during the last one year with villas ranging from Rs. 7 to 16 crore.

The city is ideal destination for those looking for a second home. Several high networth individuals (HNIs) have purchased high-end villas for the purpose in the city.

Q: Which sector has major traction?

A: The office sector is doing extremely well. The latest reports suggest that the city registered sale of nearly 12 million square feet (sq.mn.ft.) between January-December 2021 period. With this kind of absorption of office space, the city has retained the top position among the eight major cities across India. High-end houses are registering brisk sale. Pace of mid-segment housing units is okay. New launches have been quite successful. Logistic parks have come up as a new sector. A prominent developer is building a 100-acre logistic park in the outskirts of the city. Other warehouses are also coming up with specific use facility. Hospitality sector may take a little time to pick up as travel restriction due to the pandemic have not been fully removed. Yet another developer fully sold out plotted development.

Q: Could you cite some of the major transactions during the recent days?

A: Apple has acquired half a million square feet office space in an upcoming complex in the central business district (CBD) of the city. The US multinational Blackstone has invested around $50 billion in realty assets. Canadian Pension Fund, Qatar Fund and Singapore Investments have also been investing in the city in the recent months.